TORONTO - The OECD has lowered its projections for Canadian, American and global economic growth over the next two years.

The Paris-based economics think-tank now estimates Canada's economy will grow by 1.4 per cent in 2016, slightly more than the 1.2 per cent estimated for 2015 but less than the OECD's previous estimate for this year of 2.0 per cent growth.

Canada's economic growth is expected to pick up to 2.2 per cent in 2017, but that would be 0.1 per cent less than previously thought.

The OECD also expects U.S. economic growth over the next two years will be slower than the 2.4 per cent estimate for 2015.

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The Organization for Economic Co-operation and Development also lowered its outlook for global economic growth to 3.0 per cent in 2017 and 3.3 per cent in 2017 - a decrease of 0.3 for both years.

It points to recent weak data from major economies including the United States and Canada as well as financial instability that's reflected in the fall of equity and bond prices worldwide.